Financial taskforce puts Nigeria, South Africa on anti-money laundering watchlist
The Financial Action Task Force (FATF) has added Nigeria and South Africa to its “grey list” of countries that need to improve efforts to tackle money laundering and terrorism financing.
According to the intergovernmental policy-making agency that pursues to wage war against money laundering and the financing of terrorism, the two African nation countries were added to its list on Friday after an examination.
The organisation explained that the inclusion of jurisdiction to its grey list means that the country has committed to quickly resolving the identified strategic deficiencies within agreed timeframes and is subject to increased monitoring.
“Jurisdictions under increased monitoring are actively working with the FATF to address the strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing,” FATF said.
“New jurisdictions subject to increased monitoring are South Africa and Nigeria.
“The FATF and FATF-style regional bodies (FSRBs) continue to work with the jurisdictions below as they report on the progress achieved in addressing their strategic deficiencies.
“The FATF calls on these jurisdictions to complete their action plans expeditiously and within the agreed timeframes.
“The FATF welcomes their commitment and will closely monitor their progress. The FATF does not call for the application of enhanced due diligence measures to be applied to these jurisdictions.”
For the “illegal, unprovoked and unjustified full-scale military invasion of Ukraine”, since February 24, 2022, the FATF also suspended the membership of Russia.
“The Russian Federation’s continuing and intensifying war of aggression against Ukraine runs counter to FATF’s principles of promoting security, safety and the integrity of the global financial system and the commitment to international cooperation and mutual respect upon which FATF Members have agreed to implement and support the FATF Standards,” it said.
“As a result, the FATF Plenary has today suspended the membership of the Russian Federation.”